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With 4-digit pricing, the last digit of the price represents 1 pip. With 5-digit pricing, the last digit represents 1/10th of a pip. Quoting prices to 5 digits can help a broker offer tighter spreads. For example, while it may be difficult for a broker limited to 4-digit pricing to reduce a 2-pip spread all the way down to 1 pip, it might be easier for a broker with 5-digit pricing to reduce a 2-pip spread down by a few tenths of a pip down to 1.6 or 1.5 pips. This can result in lower transaction costs for you as a trader.

The worst method of analysis is whatever you do after you're already in a losing trade. That's because your emotions and ego get in the way of clear thinking. This is why I try to do all my analysis before opening a trade. That includes deciding where to put my stop loss and profit target, and possibly where I might look to add to my position, if certain conditions are met. The key is not to change your plan or second guess yourself once a trade is already opened.

His analysis of market sentiment is irrelevant to the points I've been making. I don't personally use sentiment in my trading (never have and I suspect I never will) but I can't comment on its validity because I have no knowledge of it.

Price shows you

Price showed you how it was. Not how it is. That goes for any "Price shows you" X comment you read.

I can't really understand this mindset, even if you base your trades off fundamentals why wouldn't you consult a chart for an entry point?

There's a relevant quote from the Bruce Kovner interview I posted where he addresses this:

There is a great deal of hype attached to technical analysis by some technicians who claim that it predicts the future. Technical analysis tracks the past; it does not predict the future. You have to use your own intelligence to draw conclusions about what the past activity of some traders may say about the future activity of other traders. For me, technical analysis is like a thermometer. Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he’s not going to take a patient’s temperature. But, of course, that would be sheer folly. If you are a responsible participant in the market, you always want to know where the market is – whether it is hot and excitable, or cold and stagnant. You want to know everything you can about the market to give you an edge. Technical analysis reflects the vote of the entire marketplace and, therefore, does pick up unusual behavior. By definition, anything that creates anew chart pattern is something unusual. It is very important for me to study the details of price action to see if I can observe something about how everybody is voting. Studying the charts is absolutely crucial and alerts me to existing disequilibria and potential changes.

I'm glad you've found success in your own method and I hope you keep it up, but I could never do it. Trading without a chart is like trading blind to me.

Because there's no such thing as an entry point. It does not exist. There is no magical number, conveyed by your charts, that will show you when to enter. In hindsight, sure I wish I would have bought at X price. But you can never know if or when X price will exist and what will happen after X price is met. Its a fool's errand to try to find an entry. You're wasting your time trying to find gold at the end of a rainbow when you could be doing research and learning something that has long-term value.

As for Mr. Kovner, I'm sure he's very intelligent, I'm sure he's made a bit of money, but he's wrong. His analogy is not accurate, his analysis of market sentiment is irrelevant, and his argument on chart patterns is not complete.

Reading a chart doesn't give you long-term value... Every technical trader I've ever seen online always says "strategies don't work forever so you have to switch it up" blah blah blah. Researching a currency stays the same - always. Events change but I react to them more quickly and with more understanding of that particular economy as each day passes.

The same techniques I apply to research can be applied to stocks or commodities or ANYTHING (financial or otherwise) that requires any sort of research.

As for Mr. Kovner, I'm sure he's very intelligent, I'm sure he's made a bit of money

Yeah he only has $13 billion AUM and is a billionaire himself, no big deal.

but he's wrong

I'll just ignore every pro trader I've talked to and wildly successful traders like Kovner and PTJ and take your word for it.

Reading a chart doesn't give you long-term value...

Yes it does. Have you heard of Jesse Livermore? The same tape reading techniques are being applied today except with charts. Every fundamental event that occurs is discounted in the price and can be picked up on by experienced traders. Price leaves hints as to what the future holds, see: accumulation/distribution. The institutions who are moving the markets can't hide their buying and selling, just ride the waves.

Every technical trader I've ever seen online always says "strategies don't work forever so you have to switch it up" blah blah blah.

Most traders suck, no surprise there, the traders who spend all their time on forums looking for the next newest method suck even more. Reading the chart is incredibly difficult to master, but it works. I've seen it work with my own eyes, so you're never going to be able to convince me that it's "hocus pocus". I've seen someone trade 100s of lots while looking at nothing but a chart with price and volume on it and doing multi timeframe analysis, profiting and making big money day after day. Granted he's been doing it for the better part of a decade but that's just proof of how difficult it is to get to that point.

You don't have to take my word for it, as long as what you're doing works for you that's great and I wish you continued success. But stating matter of factly that "charts don't work, charts are useless" is incredibly close minded and makes you sound more like a Boglehead than a trader.

edit: not to mention you're totally disregarding stuff like Renaissance Technologies whose algo strategies make use of past price/volume data to make future trading decisions. It's not "technical analysis" but they use historical/"lagging" price, which you seem to have an issue with. Last I checked they make 40%/year on billions of dollars...your argument that past price is irrelevant doesn't really hold up bro.

Could you explain bit about how you manage your risk and position size if you simply don't consider charts and enter exit based on fundamentals only. and it is really amazing to see a person do a 3 trades daily based on fundamental analysis. because If you say im long term trader (weekly monthly) based on fundamental analysis i can understand but when you say three trades per day based on funamental without any charts or technical setup it amazed me, I know experts on fundamental analysis but in order to enter market they use charts for buy low and sell high, thanks

or the other was is you simply go to money exchange and convert your dollars to something else daily assuming it will go up, or you may not consider stops because you have very large account? appreciate if you could help us to understand this

I know experts on fundamental analysis but in order to enter market they use charts for buy low and sell high, thanks

I don't know how to find the lows or the highs, and I don't really think anyone else does either (except in hindsight). I don't see how historical information informs future price movements in a currency.

People say, "well supply-and-demand is fundamental analysis, it has nothing to do with technicals -- why not use supply/demand levels to enter or exit". I don't use S/D because these "supply (demand) levels" are really just guesses based on old, outdated information. There is no central clearing house to explicitly tell you aggregate supply and demand levels in a market.

you may not consider stops because you have very large account

Relatively small account, I do use stops, I don't physically exchange currency.

Could you explain bit about how you manage your risk and position size [with] fundamentals only

How do you manage it with a chart? A chart doesn't tell you anything about your risk tolerance.

My stop losses vary based on my certainty of a particular currency's economy. Stop losses are calculated based on the % of my account I feel comfortable losing.

120 ticks in cable was pretty substantial. Perhaps it wasn't sustained because the shutdown lead everyone to believe that tapering would be delayed as a given, therefore when the figure came out as a miss, it was largely priced in. Now the Fed will probably wait for Yellen to take the helm before making any significant decisions and the market is pricing in tapering as far out as march.

Because the market didn't trade any contracts at the price of the last candles close and the beginning of the next. It may have auctioned there, but no contracts actually traded resulting in a gap. I think.

The reviews do help, and some people here on /r/Forex helped with those reviews but the sales of the book itself are abysmal. I suspect that not many people are willing to go past the first page to look at the other books on Amazon. C'est la vie!

No, a seperate party could own mineral or water rights beneath a piece of land. Extraction typically takes place by burrowing straight down on an adjacent property and making a 90 degree turn towards the material they want to extract.

You're not allowed to dig more than a foot in a lot of places due to city water, electric, gas, etc. supply-lines. You have to get a permit.

If you find oil under your property, don't tell anyone. Figure out who owns the mineral rights (if anyone) and buy from the other party.

Americans are guaranteed the mineral rights when you purchase a parcel of property. However, if you sell those rights, and then sell the property above the ground, the new owner of your land will not have access to the minerals. On the east coast its likely you have mineral rights. If you're west coast, its a lot less likely.